While disability insurance provides the necessary protection of one’s income against all types of accident and sickness, and life insurance protects those left behind from financial burden, critical illness plans are designed to provide you with large amounts of additional monies to offset the cost of care for specific health conditions. Due at least in part to advances in medical knowledge and treatment, an increasing number of individuals survive and recover from many life threatening critical illness events, or could if the money was available to obtain the appropriate treatment.
With increasing government cutbacks on hospital care and treatment funding, the quick availability of substantial funds can also impact on the survival prospects of the individual. Those with funding can seek and obtain treatment (out of country or alternative drug therapy), private care (nursing or physiotherapy), and lifestyle improvements to enhance the quality of life (house modifications, homemaker, modified vehicle, etc). Those without funds will be impacted most as a critical illness will affect not only you, but your family as well through the financial burden it can bring.
There is no doubt that quality care and treatment is very expensive, with adequate funds often not available in large enough quantities when it’s needed most. However, Critical Illness Programs are a cost effective solution. Several carriers now offer this unique program, and coverage is available for a number of conditions including (but not limited to):